CCMP Capital to Acquire Truck Hero

CCMP Partnering with Truck Hero Management to Support Company’s
Next Phase of Growth

April 03, 2017 01:00 PM Eastern Daylight Time

NEW YORK & ANN ARBOR, Mich.--(BUSINESS WIRE)--CCMP Capital Advisors, LP (“CCMP”) and Truck Hero (“the company”) today
announced that they have entered into a definitive agreement under which
affiliates of CCMP will acquire a controlling interest in Truck Hero, a
leading provider of highly functional aftermarket accessories for pickup
trucks and Jeeps. TA Associates (“TA”), the current holder of a majority
interest in Truck Hero, and Truck Hero’s founding Chief Executive
Officer Bill Reminder and Chief Operating Officer Kelly Kneifl, will
remain significant investors in the company as part of the transaction.
Terms of the transaction were not disclosed.

Founded in 2007, Truck Hero is the market leader in providing a wide
range of functional accessories that enhance customers’ use of their
pickup trucks and jeeps. Through its superior engineering, successful
new product introductions and the acquisition of strategically and
financially attractive add-on brands and products, the company has
rapidly grown and today is the market leader across all channels of
distribution in the vast majority of its business segments.

“We are thrilled to partner with Bill, Kelly and TA to acquire Truck
Hero, which has become a fast-growing market leader through relentless
innovation, brand-building and customer service,” said Rich Zannino, a
Managing Director at CCMP. “We look forward to working with Bill and his
highly talented team to build on the company’s outstanding record of
growth.”

“Over the last decade, our team has done a tremendous job earning
customers’ trust through great products and service. Together we’ve
built the market’s largest and most respected player,” said Mr.
Reminder. “With their deep experience and long track record of
successfully partnering with companies like ours, we are confident CCMP
is the ideal partner to help us achieve even greater heights.”

“Since investing in Truck Hero in 2014, TA Associates has been
privileged to partner with Bill Reminder and his team, and we are proud
of the growth and accomplishments of the business over this period,”
said Michael Berk, a Managing Director at TA. “We look forward to
continuing our partnership with management and working alongside CCMP as
Truck Hero continues to execute on its organic growth and add-on
acquisition strategies.”

The transaction is expected to close in the second quarter of 2017,
subject to customary closing conditions. Ropes & Gray LLP advised CCMP
on the transaction. Jefferies LLC is providing the financing and
Jefferies LLC and JP Morgan Securities LLC are serving as advisors to
Truck Hero and Goodwin Procter LLP is acting as legal counsel.

About Truck Hero

Truck Hero is the largest aftermarket supplier and online retailer of
functional accessories in the fast growing aftermarket truck and jeep
accessories market. Headquartered in Ann Arbor, Michigan, Truck Hero was
created through the merger of leading truck cover brands Extang and
TruXedo in 2007. Through its extensive product innovation and strategic
acquisitions of other strong accessory brands, the company quickly
became the industry leader. The Truck Hero team’s focus is to provide
products that enhance the functionality and aesthetics of pickup trucks
and enable customers to customize and personalize their pickup trucks
and jeeps with innovative products born from high-quality materials,
superior engineering and cutting-edge manufacturing.

About CCMP Capital

CCMP Capital Advisors, LP (“CCMP”) specializes in middle market buyouts
and growth equity investments of $100 million to $500 million in North
America and Europe. CCMP focuses on generating alpha through the
operational transformation and growth of its portfolio companies. With
offices in New York, Houston and London, CCMP invests in three primary
industries: Consumer/Retail, Industrial/Chemicals, and Healthcare.
Selected investments under management include: Badger Sportswear, The
Hillman Group, Jamieson Laboratories, Jetro Cash & Carry, Milacron, PQ
Corporation, Pure Gym, and Shoes For Crews.